The National Revenue Authority plans to raise $400 million from taxpayers who will be allowed to regularize their tax status under the Tax Adjustment Act.
Prensa.com reports that "In addition to the so-called regularization or tax amnesty, the law establishes a moratorium for taxpayers who are delinquent in any taxes administered by the Anip. The persons (natural or legal) may pay the debt, free of fines, surcharges and save 25% on the interest earned. "
Fraud charges could be brought with imprisonment of up to five years for employers who do not regularize their tax situation.
The warning was made by the administrator of the National Revenue Authority (ANIP), Luis Cucalón. "The 1970 tax law says this type of fraud is punishable by multiples of unpaid tax or imprisonment up to five years," said the official.
In addition to a return to the system of estimated income, modifications have also been made to preferred shares, private foundations, and import taxes.
A bill which will shortly be submitted by the Ministry of Economy and Finance (MEF) contains changes "related to Monthly Advance Income Tax (AMIR), preferred shares, the flat tax for private foundations and taxes on import of electronic equipment and related supplies", said the that head of the Directorate General of Revenue (DGI), Luis Cucalón, according to Capital.com.pa.
The country's tax revenue service (DGI) calculates that between $300 and $500 million worth of tax goes unpaid each year.
The deployment of new technologies is one of the ways the DGI is looking to improve tax collection.
"Luis Cucalón, DGI director, comments that the exact amount of sales tax (known as ITBMS in Panama) evasion going on is difficult to estimate but that is precisely the reason for requiring the use of cash registers with fiscal printing capability," reports Laestrella.com.pa.
Although progress has been made in the last years, technology adoption must be much faster, specially in government paperwork.
The implementation of Digital Signatures is one of the top must-does. Although the legal framework has been ready for more than a year now, regulation and norms have only been approved a couple of days ago, and there is still no entity responsible of administering and supervising the system.
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